mark richardsons growth strategies for 2017

Mark Richardson’s Growth Strategies

for 2017

February 7th, 2017

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Today’s Speaker

Mark Richardson

Renowned author, speaker, and influencer in the remodeling world

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Mark G. Richardsonmrichardson@mgrichardson.com 301.275.0208

Growth Strategies for 2017

Business CyclesRemodeling DB

HandymanBath

Kitchen

Level Market

New Homes

All remodeling categories are not created equal

Note: Analysis uses firms reporting revenue in 2012 and 2013 that were ranked in the top 400 in at least one year.

Source: JCHS tabulations of Qualified Remodeler magazine’s Top 500 Remodelers.

Failure rates vary dramaticallyShare of residential remodeling establishments to cease operations (Percent)

Source: US Census Bureau, Business Information Tracking Series.

11

2016 Remodeling Insights • LIRA (leading indicator of remodeling activity)... 2016 up 5 to

10%

• Kitchen and Bath continue to be very strong sector

• Avg. sale up (DB firms reporting +25% incr. over 2015)

• Election effect less than predicted

• AIG (ageing in place) businesses growing stronger

• Online reviews having more impact than personal referrals

• Major shift in age of clients/demographic remodeling

• Technology revolutionizing process/products/experience

• Top remodeling businesses reporting 20% plus growth in 2016

Key Environmental Indicators

Up or Down Home Appreciation

Up or Down Interest Rates

Up or Down

Up or Down Employment

Housing Demand

Up or Down Stock Market

Up or Down Consumer Confidence

Key Business Differences

• Client demographics

• Specialty vs. Full Service

• Practice vs. Business (owner’s role)

• Showroom vs. In-Home Sales

• In-House Crews vs. Subcontracted labor

• Size/type of projects

• Lead generation methods (marketing vs. word of mouth)

• Who is providing the financing?

• The sales process (one sit vs. multiple/consultative )

• Relationship with technology

Growth Motivations

Motivations

Legacy A Job A Cause

The Business Entrepreneur Investor Ego

Defining Growth in 2017• Top Line Growth?

• Market Share?

• Project Blend?

• Team Growth/Development?

• Profitability?

• Client Experience?

• Business Fitness?

• Strategic Alliances?

CHANGEor Become Irrelevant

“Just do it”

Willing to take risk

Clients found you

High Touch Marketing

Just discuss it

Follow the Fantasy

Focus on the “what”

Want balanced risk

You find the clients

And High Tech Marketing

Control the Fantasy

Also Focus on the “how”

10 YEARS AGO TODAY

YOUR CLIENT...YOUR MARKETING...YOUR SALES

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QUESTIONS“If you don’t know the answer at least

know the question”

Why Grow?

Am I ready to grow?

What do I need to do to grow?

Are my growth goals aligned?

Five Factors for Successful Growth

The Success Factors

FitnessProduct LeadershipTeam Environment

The Environment

Consumer Demand Market Conditions Competitive Dynamic

The Right Product

Easy Relevant How vs What

The Right Team

Master the Labor Team SportTraining

Business Fitness

Processes/SystemsCulture Technologies

Leadership

You Champion Leadership Gaps

Change is an option

Good culture

Project focused

Solid Team

Change is Not an option

Satisfied clients

Watch it happen

Great culture

Client centric

Strong/Aligned Team

Raving Fan Clients

Make it happen!

Good vs. Great Companies

Good Great

Summary• Growth create opportunities for all.

• The environment is strong.

• Leadership alignment is critical.

• Do you have the champions?

• Are the technologies in place?

• Training is a growth strategy.

• Your leadership is key.

• Now is the time act!

Thank You

Mark G. Richardsonmrichardson@mgrichardson.com 301.275.0208

The Winner is...

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Thank you!

Mark Richardson

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Get a Complimentary Digital Marketing Consult

Call (888) 804-8685Email marketing@surefirelocal.com

...and a Google Chromecast!

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